By TIM PARADIS -- AP Business Writer
The Dow Jones industrial average swept past 12,000 for the first time Wednesday, extending its march into record territory as investors grow increasingly optimistic about corporate earnings and the economy.
The index of 30 big-name stocks surpassed the milestone just after trading began, rising as high as 12,049.51. The Dow had already set closing records seven times during the past two weeks.
It took the Dow 7 1/2 years to make the trip from 11,000, having been pummeled during that time by the dot-com bust, recession and the aftermath of the 2001 terror attacks. That slow trek was a striking contrast with the Dow's sprint from 10,000 to 11,000 in just 24 days in the spring of 1999, during the heady days of the Internet boom.
The Dow, whose stocks include blue chips such as International Business Machines Corp., Microsoft Corp. and Wal-Mart Stores Inc., has risen well over 300 points so far this month as oil prices retreated below $60 a barrel and it appeared the economy was headed for a soft landing after more than two years of interest rate increases.
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